My kids played with hand-me-down gloves. Outside of a few disposable youth gloves I bought at Target (the best one being a $12 plastic model), my sons never got a new glove until they reached high school.
The reason I gave them hand-me-down gloves is simple. Because they worked.
Most kids can learn to play baseball with an adult glove, so long as its's a glove that was broken in by an adult. An adult can properly close the glove without pushing the palm forward. But when you put that adult glove on a kid's hand, his fingers are not going to reach the stalls and he's going push the palm up and create a big, ol' bump.
My goal when designing these gloves was to come as close as possible to putting your kid in a hand-me-down. I think I achieved this by choosing a soft but supple leather, and by reinforcing the palm area and by using stiff inserts in the pinkie and thumb.
I could go on and on but I think it's best if I just post this video, which shows a dad comparing a $350 custom glove with a Bradley glove...